Condor Capital Management lessened its holdings in shares of Snap-on Incorporated (NYSE:SNA – Free Report) by 1.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 7,701 shares of the company’s stock after selling 143 shares during the period. Condor Capital Management’s holdings in Snap-on were worth $2,013,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Scarborough Advisors LLC acquired a new position in Snap-on in the fourth quarter valued at about $30,000. Opal Wealth Advisors LLC bought a new stake in Snap-on during the second quarter worth about $30,000. Innealta Capital LLC acquired a new stake in shares of Snap-on in the 2nd quarter valued at approximately $32,000. Versant Capital Management Inc grew its position in shares of Snap-on by 529.0% in the 2nd quarter. Versant Capital Management Inc now owns 195 shares of the company’s stock valued at $51,000 after acquiring an additional 164 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new position in Snap-on during the first quarter worth approximately $56,000. Institutional investors and hedge funds own 84.88% of the company’s stock.
Analyst Ratings Changes
A number of research firms have recently issued reports on SNA. Barrington Research restated an “outperform” rating and set a $325.00 target price on shares of Snap-on in a research note on Tuesday, July 16th. Robert W. Baird dropped their target price on shares of Snap-on from $282.00 to $275.00 and set a “neutral” rating for the company in a report on Friday, July 12th. Tigress Financial restated a “buy” rating and set a $336.00 price objective on shares of Snap-on in a research report on Thursday, July 25th. Finally, Roth Mkm reiterated a “buy” rating and set a $324.00 price target on shares of Snap-on in a report on Tuesday, July 16th. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $315.00.
Snap-on Trading Up 0.9 %
Shares of SNA stock opened at $280.44 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.05 and a current ratio of 4.06. Snap-on Incorporated has a fifty-two week low of $249.84 and a fifty-two week high of $298.49. The stock has a 50 day simple moving average of $274.74 and a two-hundred day simple moving average of $276.44. The company has a market cap of $14.77 billion, a P/E ratio of 14.71, a PEG ratio of 1.92 and a beta of 0.98.
Snap-on (NYSE:SNA – Get Free Report) last issued its earnings results on Thursday, July 18th. The company reported $5.07 earnings per share for the quarter, topping analysts’ consensus estimates of $4.94 by $0.13. Snap-on had a return on equity of 19.90% and a net margin of 21.90%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the firm earned $4.89 earnings per share. Snap-on’s revenue for the quarter was down 1.0% on a year-over-year basis. Research analysts forecast that Snap-on Incorporated will post 18.95 earnings per share for the current year.
Snap-on Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 19th were issued a $1.86 dividend. The ex-dividend date was Monday, August 19th. This represents a $7.44 annualized dividend and a dividend yield of 2.65%. Snap-on’s dividend payout ratio is currently 39.03%.
Snap-on declared that its board has approved a share buyback plan on Thursday, August 8th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 3.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.
Insiders Place Their Bets
In related news, VP June C. Lemerand sold 1,186 shares of the stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the sale, the vice president now directly owns 2,283 shares of the company’s stock, valued at $648,303.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Snap-on news, VP June C. Lemerand sold 1,186 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $283.97, for a total transaction of $336,788.42. Following the completion of the transaction, the vice president now owns 2,283 shares in the company, valued at $648,303.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Nicholas T. Pinchuk sold 24,145 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $268.95, for a total value of $6,493,797.75. Following the sale, the chief executive officer now owns 759,019 shares in the company, valued at approximately $204,138,160.05. The disclosure for this sale can be found here. Insiders have sold a total of 29,804 shares of company stock valued at $8,077,390 in the last 90 days. 4.10% of the stock is currently owned by corporate insiders.
Snap-on Company Profile
Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for professional users worldwide. It operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group, and Financial Services segments.
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